To secure a mortgage for home purchase in September 2017, borrowers should aim for a credit score of at least 700, provide a 20% down payment to avoid private mortgage insurance (PMI), and lock in a fixed-rate loan before potential Federal Reserve rate hikes. Lenders prioritized stable employment, low debt-to-income (DTI) ratios below 43%, and documentation of consistent income. Pre-approval with a mortgage broker or bank was critical to streamline the process and strengthen offers in a competitive market.

In September 2017, U.S. 30-year fixed mortgage rates averaged 4.1% (Federal Housing Finance Agency), with rates rising 0.25% since June 2017 due to Fed tightening. Lenders charged 0.5% lower rates for scores above 700 compared to scores of 620–639 (Equifax data). A 20% down payment reduced monthly payments by ~$100 compared to a 5% down payment (with PMI of 0.5–1.5% annually). DTI ratios above 43% resulted in loan denials or higher rates (Consumer Financial Protection Bureau). The unemployment rate was 4.2% (BLS), supporting lender confidence in borrower stability. Fed projections suggested three rate hikes in 2017, prompting borrowers to act before further increases. Additionally, conforming loan limits ($424,100) applied in most areas, requiring larger down payments in high-cost regions. These factors collectively shaped mortgage strategies in September 2017.